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Tax

UK Tax Systems Definitions

QuestionAnswer
income tax direct - payable by individuals on employed income
NI contributions direct - payable by individuals on employed income and by employers for having employees
capital gains direct - payable by individuals on gains arising from the disposal of assets
inheritance tax direct - payable by individuals on transfers of assets
value added tax indirect - payable by the finl consumer on purchase price of goods and services
corporation tax direct - payable by companies on profits and gains
stamp tax indirect - payable by both individuals and companies when purchasing property
environmental tax indirect - payable by businesses who are environmentally; friendly = reliefs or damaging = taxes
two key objectives of tax redistribution of wealth funding the state
progressive taxes people pay higher rate on higher amounts e.g., income tax
regressive taxes higher individuals income the lower the tax paid on percentage basis e.g., fuel duty
proportional taxes as income increases the tax remains constant e.g., corporation tax
ad valorem principle tax based on percentage added to value of item e.g., VAT
Created by: amyperston
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